First Solar said net sales for the 3 months ended March 31, 2024 rose 45% from the same period a year earlier to $548.3 million from $794.1 million. The company cited higher volume of modules sold to third parties and a higher average selling price per watt as the main drivers.

1. 01

   First Solar said net sales for the 3 months ended March 31, 2024 rose 45% from the same period a year earlier to $548.3 million from $794.1 million. The company cited higher volume of modules sold to third parties and a higher average selling price per watt as the main drivers.

2. 02

   The company said its gross profit margin for the 3 months ended March 31, 2024 rose 23.2 percentage points from 20.4% in the same period a year earlier to 43.6%. It cited recognition of the advanced manufacturing production credit under Section 45X of the IRC, lower sales freight costs, and a higher average selling price per watt as the main factors.

3. 03

   The company said it entered into an agreement with Fiserv on December 2023 to sell $687.2 million of Section 45X tax credits generated in 2023 for a total cash consideration of $659.7 million. It received $480.0 million in Q1 2024 and said the remaining $179.7 million was received in April 2024.

4. 04

   First Solar said cash, cash equivalents and marketable securities were $2.0 billion as of March 31, 2024, down from $2.1 billion as of December 31, 2023. It also said it expects to spend $1.8 billion to $2.0 billion on capital expenditures in 2024.

Key figures

Quarter ended March 31, 2024

Revenue

$794M

Operating income

$243M

Net income

$237M

EPS

$2.20

Gross profit

$346M

Operating cash flow

$268M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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